Pharmaceutical company Novo Nordisk announced on March 14 that it would lower the U.S. listed prices of many insulin medications by up to 75% for those with type one and two diabetes.
Novo Nordisk is also the manufacturer of weight loss medication Wegovy. While Wegovy was previously only sanctioned for adults, the medication was recently approved for use in teens and adolescents to curb the ongoing obesity crisis, as previously reported by The Dallas Express.
The company is making this move in order to cut out-of-pocket costs for those who need insulin.
The American Diabetes Association reports that 12.4% of adult Texans, or over 2 million, have been diagnosed with some form of diabetes. Moreover, the organization estimates that over 600,000 people have diabetes and are not aware.
“Novo Nordisk recognizes that some patients find it difficult to pay for healthcare, including insulin. As such, the Company remains committed to reducing the burden of out-of-pocket costs, helping transform the complex pricing system, and fostering better pricing predictability,” the company said in a press release.
Affected products receiving a price cut are prefilled pens and vials of basal, bolus and premixed insulins. These specific medications are Novolin, Levemir, and both the regular and the 70/30 mix of Novolog.
Novo Nordisk will also be cutting the prices of other “unbranded biologics.”
Novo Nordisk has made similar price cuts in the past in an effort to help customers. Such measures included COVID-19 patient assistance programs, co-pay savings cards, and immediate supply.
“We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” said Steve Albers, a senior vice president, in the press release. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously,” he continued.
These changes will go into effect in January 2024.
I wonder if the deal was we will lower our insulin prices if you approve this weight loss drug for kids. Most kids have an eating problem. We are turning our kids to pill poppers instead of correcting the actual problem.